SOURCE: Corrigo

June 14, 2007 09:00 ET

Corrigo Consolidates Position With $10M in Growth Financing and Expanded Management Team

Investment Follows Doubling of Recurring Revenue and Tripling of Customer Base

WILSONVILLE, OR--(Marketwire - June 14, 2007) - Corrigo, Inc., the leading software as a service (SaaS) provider of service management software, announced today it has closed a $10 million Series 5 round of investment. Sierra Ventures, Menlo Park, CA, was the lead investor. Other existing and new investors participated in the investment to provide Corrigo more growth resources to further consolidate its leading position.

Corrigo raised the round after a year in which recurring revenue doubled, its customer base tripled and customer churn remained at an industry leading 1 percent. Corrigo also acquired the assets of Aligo extending its reach in key service and construction verticals with GPS and time tracking products for payroll and job costing.

Over 1,200 service, real estate, facilities, contractor and construction companies, from Fortune 50 to SMB, now use Corrigo's products to drive over 10 million work orders and jobs a year. This year also saw the active users in Corrigo's systems pass 100,000.

Key milestones driving these accomplishments include the white label launch of AT&T Field Service Solutions Powered by Corrigo, achieving the Gold partner tier with Verizon, and the launch of Unicel as a distribution partner. Together with Builder MT's release of Warranty Service for Sage Timberline Powered by Corrigo and the reach of existing partner Sprint, Corrigo now has more access to the market than any other service management vendor.

In parallel with the financing, Corrigo has hired a senior executive with significant experience in distribution channels. John Phillips, previously Vice President of Sales and Marketing with Charter Communications and Area Vice President with Nextel, has been named Executive Vice President and General Manager of Channel Operations, with responsibility for working with Corrigo's distribution partners.

"John brings significant experience building and operating channels. We have high expectations for our channel operations, and John has the experience to achieve the goals we've set," said Rick Michaux. "We are excited to have him on the team."

"With 12 million Americans still working with clipboard and triplicate forms to manage their service operations, there is a significant opportunity to mobilize and automate this part of the economy," said Jeff Loomans, Sierra Ventures. "It is clear to us that Corrigo is consolidating its position as the leading SaaS company providing service management solutions. Their ability to consistently attract and retain accounts from every service, facilities and construction vertical, combined with their relationships across the carriers and software vendors make them the company to bet on."

"We are pleased with the way things are playing out. This investment will help us deploy the new channels and products we have on the horizon to further consolidate our position," said Rick Michaux, Founder and President of Corrigo.

"We have arrived here because we were the first to recognize and act on the fact that service, real estate, facilities, contractor and construction organizations work together hand in glove in a connected and coordinated way, exchanging data on the work orders and jobs they perform every day. We defined that sector of the service economy as our market. Beyond serving the needs of each of the segments, we have worked on ways to connect them together. The result is that we are a more relevant part of their ecosystem. This service management network strategy has been the cornerstone of our success. Over the last year, we have built an increasing number of ways to get on board with new distribution partners. The momentum that is building is very exciting."

About Corrigo

Corrigo, Inc.® is the leading provider of on-demand service management software for maintenance, installation and repair organizations. The company offers a complete portfolio of web and wireless service management solutions including timecard, job and location tracking, work order dispatch, maintenance management and enterprise service management, enabling a seamless, real-time flow of communication between customers, service personnel, management staff, vendors, suppliers and senior management. Corrigo products integrate with all popular financial systems. Corrigo is headquartered in Wilsonville, Oregon. For more information, visit www.corrigo.com.

About Sierra Ventures

Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed nine venture capital partnerships and currently has more than $1.5 billion of capital under management. Some of the firm's investments include 360Commerce (acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup (AGP), Centex (acquired by WorldCom), ConvergeNet (acquired by Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired by Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by Sage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink (acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by Cisco), Sychip (acquired by Murata Manufacturing) and Teradata (acquired by NCR). More information is available at http://www.sierraventures.com.

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